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EUR/GBP is trading in a narrow range with a daily high of 0.8383 and a low of 0.8365.
The price action has dipped into the daily cloud, upside remains capped by the 55-EMA at 0.8382 .
Techs are bearish on both the daily and weekly charts.
IMM Net Speculators’ Positioning as at 30 August 2016 showed EUR shorts bounced higher last week having dropped during the previous four weeks.
Also for the first time in nine weeks, bearish bets against the pound edged lower encouraged by the better tone of recent UK data releases.
Major support levels are seen at 0.8352 (Sept 5 low), 0.8344 (Aug 4 low), 0.83, while major resistance levels are located at 0.8382 (55-EMA), 0.84, 0.8411 (5-DMA), 0.8468 (10-DMA).
Trade idea: Stay short and target: 0.8345/ 0.83/ 0.8250.
The price action has dipped into the daily cloud, upside remains capped by the 55-EMA at 0.8382 .
Techs are bearish on both the daily and weekly charts.
IMM Net Speculators’ Positioning as at 30 August 2016 showed EUR shorts bounced higher last week having dropped during the previous four weeks.
Also for the first time in nine weeks, bearish bets against the pound edged lower encouraged by the better tone of recent UK data releases.
Major support levels are seen at 0.8352 (Sept 5 low), 0.8344 (Aug 4 low), 0.83, while major resistance levels are located at 0.8382 (55-EMA), 0.84, 0.8411 (5-DMA), 0.8468 (10-DMA).
Trade idea: Stay short and target: 0.8345/ 0.83/ 0.8250.
